$55,849.00
9.15%$2,519.92
12.80%$490.31
16.52%$142.09
23.21%$1.001
0.12%$0.516562
14.51%$2,516.76
13.81%$0.099422
15.59%$5.56
10.27%$0.331576
15.26%$0.123192
3.87%$55,870.00
9.82%$20.89
14.63%$0.00001389
24.06%$324.25
12.68%$4.44
17.98%$10.08
18.94%$5.67
0.29%$58.60
13.01%$5.79
14.05%$0.171372
25.69%$3.76
13.72%$0.412943
18.74%$2,629.58
14.01%$7.54
14.83%$0.00000811
26.13%$0.999363
0.22%$150.47
6.65%$18.36
12.36%$0.091552
15.01%$5.25
16.93%$0.897595
14.52%$0.079349
16.30%$34.39
11.00%$0.618906
24.96%$0.05606
18.55%$3.46
16.08%$1.34
15.56%$0.995691
-0.80%$4.92
16.60%$2,012.62
11.16%$4.77
34.14%$259.32
49.99%$0.02271669
15.96%$1.13
18.66%$0.516218
14.45%$16.93
18.23%$1.32
17.98%$0.583811
17.28%$100.44
26.54%$10.08
-0.02%$0.00002053
22.43%$1.41
23.13%$2,810.12
12.60%$20.92
22.07%$0.139628
18.86%$0.925968
8.06%$2,551.73
13.72%$2,625.42
13.02%$0.0001244
23.58%$0.01137171
25.18%$1.13
22.34%$0.827276
17.45%$0.743847
32.38%$0.02157936
20.41%$3.11
16.38%$1.15
19.02%$5.01
20.16%$0.269017
16.75%$0.096394
41.54%$0.115424
17.69%$1.046
21.61%$2,519.72
15.18%$0.31675
15.03%$60.53
16.32%$1.047
16.79%$6.70
16.46%$0.532495
15.95%$4.63
30.10%$0.2445
15.39%$2.34
0.00%$38.09
11.43%$171.17
23.01%$27.29
18.37%$0.999944
-0.28%$7.48
15.92%$0.01587887
15.18%$0.00000073
11.05%$0.466095
11.82%$4.61
13.93%$1.001
0.27%$8.11
9.82%$2.62
38.62%$0.997307
0.09%$0.648548
13.27%$2,563.80
13.39%$9.01
13.52%$0.01237799
17.07%$0.01681611
17.28%$0.38128
14.43%$0.994364
9.59%$0.00003025
14.14%$2,406.68
-1.24%$17.82
19.79%$0.251045
15.97%$2,713.15
12.44%$1.74
23.95%$0.994926
14.87%$0.493332
35.54%$25.88
14.92%$0.124209
15.39%$0.279118
18.14%$1.47
12.13%$0.194216
15.94%$0.999026
-0.89%$0.263813
16.42%$2,506.45
14.60%$0.053527
17.39%$0.00000132
43.65%$0.00000022
35.61%$0.123395
19.06%$0.00676997
19.94%$0.404846
15.64%$30.25
13.47%$0.46762
59.14%$0.00506464
41.85%$2,393.39
-0.69%$1.32
15.10%$0.128075
18.97%$2.66
38.76%$1.014
1.03%$0.061118
17.68%$159.10
18.53%$1.56
14.26%$7.17
13.15%$2,675.63
12.41%$0.055822
15.20%$0.574683
15.33%$21.80
13.76%$0.676332
23.73%$0.10202
19.71%$2,743.41
13.14%$0.00000038
3.92%$3.30
14.58%$0.7876
11.19%$0.02437503
-1.71%$0.00006695
18.28%$10.67
19.94%$0.053991
27.31%$0.861065
19.64%$0.772713
5.99%$1.51
18.67%$0.471417
16.91%$3.48
12.02%$0.00753188
15.66%$0.267415
13.72%$39.56
10.97%$0.0492567
1.66%$1.046
0.23%$0.396329
9.21%$0.300583
16.96%$0.78345
7.24%$0.03273074
11.19%$2.38
2.01%$2.34
15.70%$55,829.00
9.09%$2,604.34
13.00%$0.00288148
58.01%$0.329655
12.07%$0.00414067
29.76%$0.621003
57.15%$0.15365
11.19%$41.65
14.63%$0.054992
22.06%$6.96
11.19%$0.272467
16.70%$22.59
14.45%$0.368838
21.24%$17.28
20.04%$0.137427
20.22%$0.222998
13.48%$5.83
21.04%$0.02455914
17.33%$0.00074943
12.42%$0.063427
19.49%$0.679712
17.82%$1.043
30.39%$0.02554964
3.95%$1,120.05
9.91%$0.01317256
17.48%$0.137569
18.83%$0.02450437
16.60%$0.01030445
22.57%$0.00420573
18.51%$0.358661
14.04%$2.06
30.60%$11.64
19.78%$1.23
20.92%$0.00134032
17.95%$0.158965
16.44%$0.280023
16.50%$0.999922
0.34%$0.03269169
15.12%$0.141954
15.50%$0.401396
10.52%$0.426186
14.01%$1.38
20.38%$0.100649
13.33%$0.993147
8.48%$107.39
0.03%$2,662.78
12.26%$2.08
11.83%$0.534152
17.92%$0.01518485
14.19%$0.309751
18.18%$0.212466
97.16%$0.194003
17.26%$21.47
17.78%$12.66
0.98%$0.446911
14.20%$0.08685
23.81%$54.26
8.47%$1.84
14.54%$0.364966
61.44%$2.41
10.23%$1.33
-22.40%$0.226201
41.68%$2.96
14.68%$0.068646
16.11%$0.02121617
18.08%$50.63
11.88%$0.0366695
8.50%$0.003721
16.30%$0.00338535
14.23%$17.24
13.32%$1.88
15.46%$0.221608
14.67%$2,634.84
13.10%$0.01520681
14.65%$4.00
48.95%$6,093.85
7.74%$0.01828819
14.76%$0.104208
21.99%$29.90
10.58%$0.00000164
13.39%$0.00000023
48.37%$55,638.00
9.19%$24.08
13.76%
Embattled crypto broker Genesis and its parent company Digital Currency Group (DCG) owe users of Gemini Earn $900 million, the Financial Times reported on Saturday, citing anonymous sources.
Gemini had used Genesis as its primary lending partner for its high-yield Earn service, which allowed customers to deposit their cryptocurrency in exchange for interest, similar to a bank account, offering returns of between 0.45% and 8% depending on which token you deposited.
According to the FT, Gemini is working as part of a creditors’ committee to regain the funds from Genesis and DCG.
The Gemini Earn service has experienced severe disruption since the FTX contagion began at the start of last month.
Gemini, which Cameron and Tyler Winklevoss founded in 2015, told users it would be pausing withdrawals from Gemini Earn on November 16, and has yet to provide any clarity as to when they are expected to be reopened. The exchange attributed the move to “unprecedented market turmoil”.
The move came directly after Genesis suspended redemptions for customers and new loans due to "abnormal withdrawal requests" following the FTX collapse on the same day.
Genesis is now reportedly working with investment bank Moelis & Co about potential financing options according to the newspaper, and it was reported earlier this month that the lender attempted to raise $1 billion as part of attempts to avoid the “liquidity crunch” which forced it to stop withdrawals.
Genesis had exposure to FTX of at least $175 million, coming via its derivatives trading business.
As part of our goal in providing transparency around this week’s market events, the Genesis derivatives business currently has ~$175M in locked funds in our FTX trading account. This does not impact our market-making activities.
— Genesis (@GenesisTrading) November 10, 2022
In addition, the complex financial relationship between Gemini and its parent company may be muddying the already worrying outlook for its creditors.
The newspaper reported that as of the time of writing, DCG, which also owns prominent crypto-focused investment house Greyscale Capital, owes Genesis $1.7 billion out of its total outstanding debts of $2 billion.
All other Gemini services, including its exchange, Gemini credit card, and Gemini Staking remain fully functional and working as normal as of the time of writing.
The exchange has repeatedly assured users that all the funds held in its exchange are backed 1:1.
Decrypt has contacted both Gemini and Genesis for comment on the story.
